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of historians and philosophers and they got them to go west or they exile them internally in central europe. they encourage more scientists and engineers. the founders would have known this. you need the historians and philosophers to look way over the cliff to the mountains and beyond. talking about creating incentives to do -- you have to have people that are imaginative who can look beyond the current crisis. that has been part of the american middle class, new ideas. >> i agree with that. i would like more of an emphasis on science and math. in terms of the k through 8th grade. >> absolutely. a young physicist learning how to do problem sets started going back to the questions of uncertainty and the relativity theory and became more philosophical. if you're just doing problem sets, you are not thinking about the deeper ideas or setting the framework for thinking will be on the cliff to the future. >> do you have a question? >> i fear that we have a burgeoning student loan problem in our country. it is the only form of consumer debt that has increased substantially. people don't have the
of historians and philosophers and they got them to go west or they exile them internally in central europe. they encourage more scientists and engineers. the founders would have known this. you need the historians and philosophers to look way over the cliff to the mountains and beyond. talking about creating incentives to do -- you have to have people that are imaginative who can look beyond the current crisis. that has been part of the american middle class, new ideas. >> i agree with...
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and europe continues to struggle in 2013. can you tell us a little bit more, give us more color on those results? >> sure. there is more ownership about-- optimism than economic growth than last year. but there are concerns. the european debt crisis is the largest one and also very interestingly despite the fact that stock market levels have recovered broadly speaking to prefinancial crisis levels, our members are very concerned about the crisis of confidence driven by ethical issues in the finance industry itself. and that is something that we pay great deal of attention to. is restoring confidence through better ethics in the profession. >> all right. we're sgoing have to leave it there. very interesting survey and the results. thank you so much. john rogers, c.e.o. of the cfa institute. >> tom: in the world of financial markets, what's bad for the economy can be good for bonds and vice versa that held true again today. the positive news on the job market caused bond prices to slip. the ten-year benchmark treasury lost grou
and europe continues to struggle in 2013. can you tell us a little bit more, give us more color on those results? >> sure. there is more ownership about-- optimism than economic growth than last year. but there are concerns. the european debt crisis is the largest one and also very interestingly despite the fact that stock market levels have recovered broadly speaking to prefinancial crisis levels, our members are very concerned about the crisis of confidence driven by ethical issues in...
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Dec 28, 2012
12/12
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school i got my mba from the university of miami and many peopl from all ports of the world, india, europe, china, who wanted to stay here after they graduated and work on their companies, create new start-ups, but they were unable to do so because after you graduate you get a job with an existing company or you leave and for many them that was not a good option and they left and took their ideas and companies with them. >> so th get their fancy education here and go back to indian or somewhere else. >>guest: w would like to stem the tide and keep them closer, and bring them back to the united states so they can create new job and new companies. >> if they worked for a company they could have stayed? >>guest: if you get sponsored by a large corporation you can get the prop visas to work in the country but you cannot self sponsor and you cannot be here and create your own start-ups without going through some pret significant legal work. >> to build this big ship where people live cost as lot of money and peop are actually giving you money fo this? >>guest: theface book funder and creator of
school i got my mba from the university of miami and many peopl from all ports of the world, india, europe, china, who wanted to stay here after they graduated and work on their companies, create new start-ups, but they were unable to do so because after you graduate you get a job with an existing company or you leave and for many them that was not a good option and they left and took their ideas and companies with them. >> so th get their fancy education here and go back to indian or...
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Dec 24, 2012
12/12
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how much of a foray will china make into europe? > > as the chinese captain who runs cosco told me, europe had, for a long time, enjoyed a number of protections. they started spending a lot of money that they didn't have, and now they're paying a price. so what is going to have to happen going forward is that probably europeans are going to have to go back on a number of protections, moving somewhat in the direction the chinese are, which is perhaps to say lower wages, less protections. but europeans certainly, and certainly here in greece, are going to be fighting back against a wholesale backslide toward, again, what many see as the possibility of stumbling into third world working conditions. > > liz alderman of the new york times. thanks so much for your reporting today. > > thank you for having me. still ahead, hits and flops. a look back at the movies that brought riches and pr headaches for film studios. but first, we'll hear from the man who shook things up after a stunning exit from goldman sachs. that's next. wall street e
how much of a foray will china make into europe? > > as the chinese captain who runs cosco told me, europe had, for a long time, enjoyed a number of protections. they started spending a lot of money that they didn't have, and now they're paying a price. so what is going to have to happen going forward is that probably europeans are going to have to go back on a number of protections, moving somewhat in the direction the chinese are, which is perhaps to say lower wages, less protections....
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Dec 10, 2012
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and the reason probably is because of europe. i think a lot of the export markets, europe has been still in a little bit of a malaise, and asia is just starting to emerge from one. so we will actually probably start seeing manufacturing pick up in the not-too-distant future. > all right, so a long-term prognosis, positive for you; short-term still kind of wobbly? > > i think next year you're going to have an issue with a push and pull from the fiscal cliff. on the one hand, business owners will actually have some certainty what tax rates are going to be, and that's a positive. that may unleash some hiring. and on the other hand, you are going to have tax increases. and that is actually not good for shorter-term growth. > brent schutte from bmo harris. thanks so much. > > thank you. still ahead, christmas may have come early for drivers. gasoline prices are headed lower. more on that next. w prices at the pump continue to slide. gas prices are down 3 cents on average nationwide to $3.37. the ever-energetic phil flynn of price futu
and the reason probably is because of europe. i think a lot of the export markets, europe has been still in a little bit of a malaise, and asia is just starting to emerge from one. so we will actually probably start seeing manufacturing pick up in the not-too-distant future. > all right, so a long-term prognosis, positive for you; short-term still kind of wobbly? > > i think next year you're going to have an issue with a push and pull from the fiscal cliff. on the one hand, business...
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Dec 28, 2012
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school i got my mba from the university of miami and many people from all ports of the world, india, europe, china, who wanted to stay here after they graduated and work on their companies, create new start-ups, but they were unable to do so because after you graduate you get a job with an existing company or you leave and for many them that was not a good option and they left and took their ideas and companies th them. >> so they get their fancy education here and go back to indian or somewhere else. >>guest: we would like to stem the tide and keep them closer, and bring them back to the united states so they can create new jobs. and new companies. >> if they worked for a company they could have stayed? >>guest: if you get sponsored by a large corporation you can get the prop visas to work in the country but you cannot self sponsor and you cannot be here and create your own start-ups without going through some pretty significant legal work. >> to build this big ship where people live cost as lot of money and people are actually giving you money for this? >>guest: the face book funder and c
school i got my mba from the university of miami and many people from all ports of the world, india, europe, china, who wanted to stay here after they graduated and work on their companies, create new start-ups, but they were unable to do so because after you graduate you get a job with an existing company or you leave and for many them that was not a good option and they left and took their ideas and companies th them. >> so they get their fancy education here and go back to indian or...
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economy remains weak the arab spring rages on europe is dealing with painful austerity extreme weather headed self-help and obama reelected and there was no shortage of conflicts tragedies and misery around the world. to cross talk two thousand and twelve as it was i'm joined by john glaser in washington he's an assistant editor and blogger for antiwar dot com in san francisco we have will durst he is a political comic and syndicated columnist and in paris we cross the analysts a bit more he's a journalist and political commentator on cross talk rules in effect if you want to do this for this episode here. analysts say if i go to you first in paris if there is a hierarchy of events or ideas of the year that's about to end what would they be for you. well it's got to be the presidential election for us because that was really sort of the great thing marking the. political year and the fact that nicolas sarkozy was sent home by the voters so i would say that's the biggest thing this year john how about you but what because i was going to say to you do you think two thousand and twelve dr
economy remains weak the arab spring rages on europe is dealing with painful austerity extreme weather headed self-help and obama reelected and there was no shortage of conflicts tragedies and misery around the world. to cross talk two thousand and twelve as it was i'm joined by john glaser in washington he's an assistant editor and blogger for antiwar dot com in san francisco we have will durst he is a political comic and syndicated columnist and in paris we cross the analysts a bit more he's...
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Dec 24, 2012
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and boasted in one day she made $200,000 europe was booming minks were giving easy money at low interest rate and prices were rising and they were buying the bonds because they pay high interest rates. but the prices are so high they reached a level where nobody could afford them they could not buy the bonds of day with some of them. 80 percent was on by the europeans. then they went into bankruptcy and the bank had to close. know more customers for the railroad bond edberg and hetty had to come back to america. this city had burgeoned with tense story buildings central part stretch north and a brownstone houses replaced the shanties and apartment houses appeared for the first time. the largest bookstore in the world, patrick's touched this guy the metropolitan museum of art opened in the museum of natural history. the exuberant spending was no different from the unfettered expansion from industrial on to procurers, promoters and real estate speculators. from 1873 the financial panic flat and the country into despair. does that sound familiar? and the stocks bounced up and down. many sno
and boasted in one day she made $200,000 europe was booming minks were giving easy money at low interest rate and prices were rising and they were buying the bonds because they pay high interest rates. but the prices are so high they reached a level where nobody could afford them they could not buy the bonds of day with some of them. 80 percent was on by the europeans. then they went into bankruptcy and the bank had to close. know more customers for the railroad bond edberg and hetty had to...
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yes i mean even though europe gault the nobel prize of peace this year i heard say that's not enough to know lift the gloom from the general feeling it is all sterritt see there's the sort of it looks like the idea has been saved for for a bit but still at the price of committing to. budget cuts everywhere to earn employment that cannot be reduced and in general with the feeling that we are being sort of past gone by by the south pacific. asia pacific region so. you know we're sort of looking towards twenty thirty not thinking that it's going to be much better in fact at least two countries france and britain are looking tools you know recession. spain and ireland do not know yet you know whether they're going to be able to sort of turn back the current crisis so i should say that europe is not feeling so well right now john another thing that isn't feeling very well do you think that two thousand and twelve was another year a bush foreign policy year. you know that that's true in some respects but that sometimes can be overstated i mean. a good example is for example what's happenin
yes i mean even though europe gault the nobel prize of peace this year i heard say that's not enough to know lift the gloom from the general feeling it is all sterritt see there's the sort of it looks like the idea has been saved for for a bit but still at the price of committing to. budget cuts everywhere to earn employment that cannot be reduced and in general with the feeling that we are being sort of past gone by by the south pacific. asia pacific region so. you know we're sort of looking...
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that was divided from east to west and i'm now living in a europe that is divided from north to south and never at any point in the history of this union has there been more discord of rancor that we currently got among more moderate voices there are concerns the peace prize is being used as a political football i think this award basically does a lot to kind of discredit past people who've won this prize. i mean it demonstrates a sort of heavy politicization of the use of this award now it's been suggested that this year's winner of the peace prize picked it up more for not having done something as opposed to having food the peace around the globe it seems like they got the prize more because there hasn't been any war in europe for many decades rather than having done anything specific i think as long as civic institutions like the nobel prize continue to lose their legitimacy and their spirit through political favoritism and these prizes are always political but such a blatant and obvious political favoritism and maneuvering i think it actually takes something away and i think it's
that was divided from east to west and i'm now living in a europe that is divided from north to south and never at any point in the history of this union has there been more discord of rancor that we currently got among more moderate voices there are concerns the peace prize is being used as a political football i think this award basically does a lot to kind of discredit past people who've won this prize. i mean it demonstrates a sort of heavy politicization of the use of this award now it's...
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reduce europe so one cannot say that there is the increase of europe since then in any case if we look further afield with syria the european union's policy the actual policy of the european union as an organization of a mind its member states has been in my view to found the flames of the conflict in syria and not to act as a peace broker so there is literally no way in which we can say that the european union has fostered peace. while ordinary people enjoy a life in the austerity recchi e.u. it seems some corporate giants will stop at nothing to get out of paying their share tax evasion and avoid because the dead stricken block one point three trillion dollars a year a figure that's no longer being tolerated surface reports. well people from all of people tend not to protect this country because companies like starbucks and apple and google at the moment it's really part of a much larger picture welcome to the world of tax avoidance illegal but morally suspect way the companies and the wealthy have been dodging paying their fair share most people are due to discuss these companies do
reduce europe so one cannot say that there is the increase of europe since then in any case if we look further afield with syria the european union's policy the actual policy of the european union as an organization of a mind its member states has been in my view to found the flames of the conflict in syria and not to act as a peace broker so there is literally no way in which we can say that the european union has fostered peace. while ordinary people enjoy a life in the austerity recchi e.u....
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members of the european parliament and all the other people who work for the europe. and it is radically out of touch with ordinary people and not just with the people who demonstrate the youth unemployment figures in greece and spain and other countries are truly horrifying and in the name of the european ideology europe is not being put through some of the most difficult economic times it seems is the ninety. seems so whichever way you look at the nonsensical judgment it's an absolute. story cohorts of acacia discredits the nobel prize and so. what onery people endure life in the direct it seems that some corporate giants will stop at nothing to get out of paying their shame tax evasion and avoidance costs the debt stricken blow one point three trillion dollars a year a figure that's no longer being tolerated as our first reports. of. people from all of that tend not to point to the scandals with companies like starbucks and airplane google at the moment it's really part of a much larger picture welcome to the world of tax avoidance illegal but morally suspect way t
members of the european parliament and all the other people who work for the europe. and it is radically out of touch with ordinary people and not just with the people who demonstrate the youth unemployment figures in greece and spain and other countries are truly horrifying and in the name of the european ideology europe is not being put through some of the most difficult economic times it seems is the ninety. seems so whichever way you look at the nonsensical judgment it's an absolute. story...
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they've absorbed a lot of global weakness in europe. they have a building controls, commercial building controls unit that's not really doing that great at the moment. i feel like the stock is inexpensive. 2.7% yield. they have an investor meeting. very up front companies. good management that lays out guidance. there's at least a chance that that gives people little comfort in the longer term growth story. >> mike, we'll talk to you again soon. >> my pleasure. >> mike, time trades are coming up next. [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike. up next. s, time trades are coming up next. an, time trades coming up next. t, time trades a coming up next. o, time trades a coming up next. l, time trades ae coming up next. l, time trades are coming up next. i, time trad are coming up next. fitime trades are coming up next. ntime trades are coming up next. atime trades are coming up next. ltime trades are coming up next. ime trades are coming up next. me trades are coming up next. e tras
they've absorbed a lot of global weakness in europe. they have a building controls, commercial building controls unit that's not really doing that great at the moment. i feel like the stock is inexpensive. 2.7% yield. they have an investor meeting. very up front companies. good management that lays out guidance. there's at least a chance that that gives people little comfort in the longer term growth story. >> mike, we'll talk to you again soon. >> my pleasure. >> mike, time...
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greece europe so one cannot say that there is in case of europe since then in any case if we look further afield with syria the european union's policy the actual policy of the european union as an organization nevermind its member states has been in my view to fan the flames of the conflict in syria and not to act as a peace broker so there is literally no way in which we can say that the european union has fostered peace. for egypt is on tenterhooks moral protests are expected between those backing in the posing president. why the country could plunge into civil war as a deeply divisive constitution friend looms large. on the story of an american woman who was forcibly sterilized as a teenager as part of a government program to build a support healthy nation so here a couple minutes. if you're passing through rushes to veer region you really can't go on the wild side thousands of kilometers of unspoilt countryside make up an area where it's still possible to live off the land such spectacular scenery makes it a paradise for fishermen and provides a business opportunity for hunches. ther
greece europe so one cannot say that there is in case of europe since then in any case if we look further afield with syria the european union's policy the actual policy of the european union as an organization nevermind its member states has been in my view to fan the flames of the conflict in syria and not to act as a peace broker so there is literally no way in which we can say that the european union has fostered peace. for egypt is on tenterhooks moral protests are expected between those...
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Dec 19, 2012
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tobacco companies were under pressure, ahead of a report due out in europe tomorrow. regulators there are said to be preparing new rules on health warnings and could move to ban tobacco flavors like menthol. lorillard stock dropped 2.3%. its biggest seller: menthol- flavored newport cigarettes. reynolds' american makes brands like camel and kool. its shares fell 2.2%. and altria group was down 1.2%. it makes marlboro cigarettes. amgen today admitted to mis- branding its medicine for anemia. as part of the federal plea deal, the company agreed to pay $762 million in criminal and civil penalties. the stock didn't have much of a reaction, though. shares were down just 0.2%. they have seen a strong rally this year, rising almost 40% since january. we have a closer look at whether amgen can continue to rally. it is on our web site, www.nbr.com. click on the "blogs" tab and look for technical analysis by michael kahn. the yellow metal saw plenty of red. all of the five most actively traded exchange traded products ended higher. the financial sector and nasdaq 100 tracking f
tobacco companies were under pressure, ahead of a report due out in europe tomorrow. regulators there are said to be preparing new rules on health warnings and could move to ban tobacco flavors like menthol. lorillard stock dropped 2.3%. its biggest seller: menthol- flavored newport cigarettes. reynolds' american makes brands like camel and kool. its shares fell 2.2%. and altria group was down 1.2%. it makes marlboro cigarettes. amgen today admitted to mis- branding its medicine for anemia. as...
SFGTV2: San Francisco Government Television
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Dec 22, 2012
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nowhere in europe had he experienced that. this technology was doing something to support the life and the growth of the city. philadelphia, throughout the 19th century, was the major industrial city of the united states. all of these industries used water from this system. and it served as a prototype for many american cities, including pittsburgh and new york. man: new york city went to philadelphia and said, "you know, we're thinking of developing a hudson river water supply -- what do you suggest we do?" and they said, "we've had "a lot of problems on the schuylkill. "don't go to the hudson river. go to the upland and work by gravity." and that's what new york city did. they first went to the hudson highlands, but 150 years later, it went to the delaware highlands. and really diverted the water that normally went to philadelphia to new york city. i don't think they anticipated that. narrator: the majority of new york city's drinking water comes from watersheds in upstate new york. a watershed is the area of land where wate
nowhere in europe had he experienced that. this technology was doing something to support the life and the growth of the city. philadelphia, throughout the 19th century, was the major industrial city of the united states. all of these industries used water from this system. and it served as a prototype for many american cities, including pittsburgh and new york. man: new york city went to philadelphia and said, "you know, we're thinking of developing a hudson river water supply -- what do...
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you don't want to kick the can down the road like they did in europe. but i think some sense that they are going to come up with something. >> how do you invest regardless of the outcome? >> right now -- well, you know, here we go. i'm always the bear, right? i would be very cautious right now. because we have some concerns in regard to some preannouncements that might come around. you got a lot of cash in profit coffers. you can't just keep playing extra dividends. and so at some point you have to show revenues in growth. there's not a lot of evidence of that right now. >> in the meantime, rick santelli, you've got a big weekend coming up. the fed meeting. lots of data. what are you setting yourselves up for here? >> you're right. we have $66 billion starting out. and the first day of a two-day fed meeting. our last meeting was the 24th of october. you'll see a charts of 10s, 30s going back to that meeting. and into a treasury purchase program, virtually everybody expects that. and the dollar actually is a little bit higher than the last meeting. and m
you don't want to kick the can down the road like they did in europe. but i think some sense that they are going to come up with something. >> how do you invest regardless of the outcome? >> right now -- well, you know, here we go. i'm always the bear, right? i would be very cautious right now. because we have some concerns in regard to some preannouncements that might come around. you got a lot of cash in profit coffers. you can't just keep playing extra dividends. and so at some...
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Dec 17, 2012
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europe is week. but with demands elsewhere looking healthy, some numbers at least seem to be going apple's way. the question is whether samsung and amazon are meaningfully zapping the apple products. >> all right, jan. thanks so much. >> we've got both sides of that debate right now. the iphone 5's big debut in china is further proof that apple's fundamentals are solid one says. but stewart jeffrey is not sold. he says rivals like google's android are catching up. we were just talking there. jon pointing out the other competition out there. stock down 25% in the last three months. you remain bullish though. why? >> i do. i think a lot of the selling has to do with capital gains taxes. i think it was from the 700 level. and then you had another wave of it with long-term capital gains taxes. fears of that after the election we think caused an issue. we think that's why the stock is down. we still think it's quite solid. >> what about the competitive environment? stewart, that's one you've been looking
europe is week. but with demands elsewhere looking healthy, some numbers at least seem to be going apple's way. the question is whether samsung and amazon are meaningfully zapping the apple products. >> all right, jan. thanks so much. >> we've got both sides of that debate right now. the iphone 5's big debut in china is further proof that apple's fundamentals are solid one says. but stewart jeffrey is not sold. he says rivals like google's android are catching up. we were just...
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Dec 24, 2012
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i come from europe. everybody talks about [indiscernible] most of us [indiscernible] we are the only ones that can produce babies. i was wondering with the crazy schedule you mentioned working until midnight how you balance family time and a career. the mother is the most important role in the family and for the child. the child is the future of everything we're talking about. how can a woman in the united states be independent with a career if she has had a child with no maternity leave? united states is way behind most other countries. they have maternity leave. there should not be fair when she goes to an interview -- there should not be fear when going to an interview. >> does anyone want to take that? >> i would be happy to do that. >> i have always gotten up at 4:30 or 5:00. i have a son. he is grown of now. when i get up, he is off living his life. my husband and i have always been in similar careers. that really helps a lot. over the years, i made choices on what i would do in order to create the
i come from europe. everybody talks about [indiscernible] most of us [indiscernible] we are the only ones that can produce babies. i was wondering with the crazy schedule you mentioned working until midnight how you balance family time and a career. the mother is the most important role in the family and for the child. the child is the future of everything we're talking about. how can a woman in the united states be independent with a career if she has had a child with no maternity leave?...
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Dec 15, 2012
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one of the things that happened is the region that we used to call eastern europe. these countries no longer have much in common with each other except for the common memory. this is about 30 minutes. >> defense reporter with plitcol here to explain to us how states are bracing for sequestration, particularly states that have strong defense industries and what they're doing to prepare for the cuts that could hurt their local economies. welcome to the program. >> thanks for having me. >> first, before we get deep into this discussion, refresh for us in our minds, what is sequestration? when does it kick in and why does it matter? guest: all the attention has been on congress looking to avert going over the so-called fiscal cliff. and if that happens, if congress isn't able to reach some sort of bipartisan accord people will see a lot of automatic spending cuts and tax increases take place right after the first of the year. a lot of those impacting the defense industry you look at that breakdown. kick-in date something that has a lot of folks in that industry as well
one of the things that happened is the region that we used to call eastern europe. these countries no longer have much in common with each other except for the common memory. this is about 30 minutes. >> defense reporter with plitcol here to explain to us how states are bracing for sequestration, particularly states that have strong defense industries and what they're doing to prepare for the cuts that could hurt their local economies. welcome to the program. >> thanks for having...
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Dec 24, 2012
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are we slowly turning to europe. david, good to see you. and we already see us moving in terms of spending to the european model. will we move in terms of tax policy to the european model, specifically to a value-added tax like they have in most of europe? >> personally i think we should. >> on top of what we have, on top of an income tax. >> we need to cut back and what i would cut back is replacement for the medicare tax, but also, corporate tax rates should be part of the deal, too. >> what frightened milton friedman the value added tax. there's no way it would replace it, it would always be tacked on top of other tacks and look at the history and that tends to be the way we go. >> although when the europeans brought it in they did cut the other taxes. >> that didn't last long and we've seen them come up recently. >> and it's going to continue because they've got budget problems. david: now the problem that the president has, he has increased his spending he enormously during his time in office, that in 2008, i think we can put up a char
are we slowly turning to europe. david, good to see you. and we already see us moving in terms of spending to the european model. will we move in terms of tax policy to the european model, specifically to a value-added tax like they have in most of europe? >> personally i think we should. >> on top of what we have, on top of an income tax. >> we need to cut back and what i would cut back is replacement for the medicare tax, but also, corporate tax rates should be part of the...
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Dec 4, 2012
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what is the right multiple in the world that we are about to embark on with the europe that is probably a five to ten year recession. i think the u.s. is at best slogging through things here. i would make an argument that maybe the right multiple is 12 or so. if you throw in earnings of 95 to 100 you have an s&p that is significantly lower. >> rallies during the last phase of the market have peaked out around 14 times earnings. it is up from here in terms of a forward multiple. i don't see why we have to start applying a discount to what we have been seeing in terms of peak multiples given what we have been through. do you think that the uncertainty has peaked or is ahead of us? the maximum uncertainty. >> i would make the argument it is potentially forward but i think a lot of people would disagree. >> markets don't just pick a multiple like fisher price. the low multiple in the 1970s when you had slow growth and rising inflation was seven times earnings. if you google back to what you said which is you have to analysts, what are they telling me at this point? at the beginning of the y
what is the right multiple in the world that we are about to embark on with the europe that is probably a five to ten year recession. i think the u.s. is at best slogging through things here. i would make an argument that maybe the right multiple is 12 or so. if you throw in earnings of 95 to 100 you have an s&p that is significantly lower. >> rallies during the last phase of the market have peaked out around 14 times earnings. it is up from here in terms of a forward multiple. i...